April 06, 2023 (MLN): Silkbank Limited (PSX: SILK), a leading financial institution in Pakistan, has received a letter of intent from the International Commercial Bank (ICB) of South Sudan expressing their interest in investing up to fifty million euros in the bank’s shares.
The Potential Investment is subject to all regulatory requirements and financial due diligence.
In a recent meeting held on April 5, 2023, the Board of Directors (BoD) of SILK reviewed and considered the letter of intention and granted its approval to the management to formally pursue the Potential Investment.
The BoD has further authorized the management to enter into discussions with ICB to finalize the terms and conditions and documentation and to present the same to the board for its consideration and implementation if deemed appropriate.
The proposed investment is subject to the approval of the Board, shareholders, Securities and Exchange Commission of Pakistan (SECP), and State Bank of Pakistan (SBP).
If the investment proceeds, it could provide a significant boost to Silkbank Limited’s financial position and enable the Bank to further expand its operations in the country.
The development is a positive sign for the Pakistani financial sector, indicating that international investors still have confidence in the country’s economic prospects despite ongoing challenges.
ICB is a national South Sudanese bank, founded in June 2011 by a group of South Sudanese and international businessmen.
Beginning with one branch in Juba, the bank is working to expand its presence through a branch network in all the states of South Sudan within the next four years.
The bank is actively working to expand its network of correspondent banks around the world to promote business and economic cooperation on a global scale.
